Personal Finance

generic electronic fund transfer - EFT

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  • May 12th, 2013 12:18 am
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Deal Addict
Sep 19, 2009
2280 posts
991 upvotes
Toronto

generic electronic fund transfer - EFT

Hi everyone,

I had checking accounts with many Canadian financial institutions and not a single one of them allows me to make a transfer to a generic account identified with transit number / bank number / account number. Each bank has a list of payees but none of them seem to allow a generic payment. A sort of "pay anyone" based on their bank account number.

In many other countries this is a very basic feature of the most basic bank account.

Is anyone aware of a such feature in a Canadian bank? Or at least a bank which would allow customers to create their own payees?

TIA.
3 replies
Member
Aug 13, 2008
378 posts
45 upvotes
Cambridge
I do not believe any of the big banks allow this (not to other bank customers). ING allows you to enter this information when you do one of their free email transfers. I believe many credit unions also offer this feature, just not sure which ones exactly.
Deal Addict
User avatar
Aug 18, 2008
3907 posts
2336 upvotes
Ottawa
Coolio10 wrote: I do not believe any of the big banks allow this (not to other bank customers). ING allows you to enter this information when you do one of their free email transfers. I believe many credit unions also offer this feature, just not sure which ones exactly.
Alterna (Ontario Credit Union) does.
Deal Addict
Mar 10, 2010
1595 posts
589 upvotes
It's a bloody rip-off that Canadian banks don't let us do this. I was blown away by how much easier it was to transfer funds to other people/landlords etc when I was in Europe.

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